Many states provide an incentive for their residents to use their state’s 529 plan through use of a state income tax deduction.  Because Texas doesn’t have a state income tax, your options are really completely open in terms of what state’s 529 savings plan you use.  You can go shopping for the best options and [...]

Yet another expiring tax provision at the end of tax year 2010 is the expansion of the Coverdell Education Savings Account (ESA) that came into effect with EGTRRA 2001. Until the end of 2010, you are eligible to make non-deductible contributions to a Coverdell ESA of up to $2,000 per beneficiary per year. These contributions are phased out ratably when your Modified Adjusted Gross Income (MAGI) is between $95,000 and $110,000 for single filers; the phaseout occurs between $190,000 and $220,000 for married persons filing jointly (MFJ).[...]

Every October, the College Board releases its Trends in College Pricing report that highlights college cost increases and trends. While costs can vary significantly by region and individual college, the College Board publishes average cost figures, which are based on its survey of 3,500 colleges across the country. Here are highlights from its latest report [...]

At four-year [...]

Several months ago I pointed out an article where the Illinois prepaid tuition plan, CollegeIllinois!, seemed to be elated over the impacts of the economic downturn on other types of 529 savings plans.  Essentially these prepaid plans offer a guarantee of value – the cost of a semester of college at an in-state public institution [...]

With much fanfare, Illinois congressman and US Senate candidate Mark Kirk (R-Illinois) has pushed his plan, adorably referred to as 401(kids) (see news story here).  But what is this plan he’s referring to?  Unless I’m missing something, this is the Coverdell ESA (Education Savings Account) that has been in existence for quite some time now.
Kirk’s primary [...]

In case you happened to miss it, the Illinois legislature last year passed an addition to the Revenue Code that requires recapture of deductions that you may have taken for contributions to one of the Illinois 529 plans.
529 Contribution Deduction Recapture
For years, the Illinois 529 plans – BrightStart, Bright Directions, and College Illinois! – have [...]